-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MMa8dFtG8WIwsmoHXC8XNFkqnILaTmyl5ib6oyF6C7eW23ufV1TN8QpZa2eoY4zT szzCfEsFZ/lueOldiDm3Qg== 0000946275-07-000165.txt : 20070206 0000946275-07-000165.hdr.sgml : 20070206 20070206161159 ACCESSION NUMBER: 0000946275-07-000165 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070206 DATE AS OF CHANGE: 20070206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IBT BANCORP INC CENTRAL INDEX KEY: 0000801122 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 251532164 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31655 FILM NUMBER: 07584635 BUSINESS ADDRESS: STREET 1: 309 MAIN ST CITY: IRWIN STATE: PA ZIP: 15642 BUSINESS PHONE: 7248633100 MAIL ADDRESS: STREET 1: IBT BANCORP INC STREET 2: 309 MAIN ST CITY: IRWIN STATE: PA ZIP: 15642 8-K 1 f8k_020607-0262.txt FORM ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 6, 2007 ---------------- IBT BANCORP, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 1-31655 25-1532164 - ---------------------------- ---------------- ------------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 309 Main Street, Irwin, Pennsylvania 15642 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (724) 863-3100 -------------- Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below) [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). ================================================================================ IBT BANCORP, INC. INFORMATION TO BE INCLUDED IN REPORT ------------------------------------ Item 2.02. Results of Operations and Financial Condition - -------------------------------------------------------- On February 6, 2007, the Registrant issued a press release announcing its results of operations for the quarter and year ended December 31, 2006. A copy of the press release is furnished with this report as exhibit 99.1. Item 9.01. Financial Statements and Exhibits - -------------------------------------------- (c) Exhibits: 99.1 Press Release, dated February 6, 2007 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IBT BANCORP, INC. Date: February 6, 2007 By: /s/Charles G. Urtin ------------------------------------- Charles G. Urtin President and Chief Executive Officer (Duly Authorized Representative) EX-99 2 ex99-1.txt PRESS RELEASE PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Charles G. Urtin, President / CEO Telephone: 724-863-3100 www.irwinbank.com - ----------------- IBT Bancorp, Inc. Announces Operating Results for the Fourth Quarter and Year Ended December 31, 2006 Irwin, Pennsylvania, February 6, 2007: IBT Bancorp, Inc., (the "Company"), (AMEX: IRW) the holding company of Irwin Bank & Trust Company, today announced its results of operations for the three months and year ended December 31, 2006. The Company's net income for the three months ended December 31, 2006 decreased $82,000 to $1,809,000 or $ .30 per diluted earnings per share, from $1,891,000, or $ .32 per diluted earnings per share, (adjusted for the effects of a 100% stock dividend paid on November 16, 2006) for the comparable 2005 quarter. Net income for the year ended December 31, 2006 decreased $123,000 to $8,456,000, or $ 1.42 per diluted earnings per share, from $8,579,000 or $1.44 per diluted earnings per share, (adjusted for the effects of a 100% stock dividend paid November 16, 2006) for the comparable 2005 period. President and CEO, Charles G. Urtin, stated "The inverted yield curve and significant increases in health care costs contributed to the decrease in net income for the quarter and for the year. The inverted yield curve, which pays higher interest rates for short-term instruments than for longer-term instruments, has made it difficult to lend profitably and has eaten into our net interest income. Employee benefit costs increased to $2.5 million for 2006 from $1.8 million for 2005 due to rapidly increasing health care costs. Despite these near-term challenges, we continue to manage the Company for the long-term. I am pleased to report that we have continued to grow the Company and maintained the dividend." Total assets of the Company increased $55,811,000 to $740,962,000 at December 31, 2006 as compared to $685,151,000 at December 31, 2005. Total loans reached $467,721,000 at December 31, 2006 from $442,225,000 at December 31, 2005, an increase of $25,495,000 or 5.8%. Investments increased $25,256,000 to $221,249,000 at December 31, 2006 as compared to $195,993,000 at December 31, 2005, an increase of 12.9%. Total deposits reached $572,472,000 at December 31, 2006 as compared to total deposits of $520,486,000 at December 31, 2005. The increase in deposits was primarily the result of the growth in certificates of deposit, which increased $57,820,000, or 23.0% over the prior year. Securities sold to repurchase, which secure our sweep accounts, grew to $27,417,000 at December 31, 2006, an increase of $8,974,000 or 49% compared to balances outstanding at December 31, 2005. Outstanding advances at the Federal Home Loan Bank of Pittsburgh at December 31, 2006 were $72,410,000 compared to $68,651,000 at December 31, 2005. Statements contained in this news release which are not historical facts are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. Irwin Bank & Trust Company is a state chartered commercial bank that conducts its business from its main office located in Irwin, Pennsylvania, six branch offices, two loan centers, three supermarket branches located in the Pennsylvania counties of Westmoreland and Allegheny and a trust office in Greensburg Pennsylvania. The Bank's deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation. The Company's common stock is traded on the American Stock Exchange under the symbol "IRW". IBT Bancorp, Inc. Selected Financial Data (Dollars in Thousands, except per share data) December 31, December 31, 2006 2005 ------------ ------------- Total Assets $ 740,962 $ 685,151 Securities available for sale 221,249 195,993 Federal Home Loan Bank Stock, at cost 5,197 5,470 Total loans, net 467,721 442,225 Total liabilities 678,381 624,070 Interest bearing deposits 486,918 436,639 Non-interest bearing deposits 85,554 83,847 FHLB Advances 72,410 68,651 Shareholder's equity 62,581 61,081 Three Months Ended Year Ended ---------------------- ----------------- December 31, ------------------------------------- 2006 2005 2006 2005 ------- ------- ------- ------- Interest Income $10,744 $ 9,202 $40,393 $35,771 Interest Expense 5,257 3,759 18,514 13,682 ------- ------- ------- ------- Net Interest Income 5,487 5,443 21,879 22,089 Provision for loan losses 300 300 1,500 1,200 ------- ------- ------- ------- Net interest income after provision for loan losses 5,187 5,143 20,379 20,889 Non Interest Income 1,706 1,594 7,349 6,635 Non Interest Expense 4,701 4,278 17,232 16,187 ------- ------- ------- ------- Income before income taxes 2,192 2,459 10,496 11,337 Income tax expense 383 568 2,040 2,758 ------- ------- ------- ------- Net Income $ 1,809 $ 1,891 $ 8,456 $ 8,579 ======= ======= ======= ======= Per share data: (1) Basic earnings per share $ 0.30 $ 0.32 $ 1.43 $ 1.45 Diluted earnings per share $ 0.30 $ 0.32 $ 1.42 $ 1.44 Dividends per share $ 0.25 $ 0.23 $ 1.00 $ 0.92 Selected Ratios (annualized) Return on Average Assets 0.98% 1.11% 1.18% 1.26% Return on Average Equity 11.59% 12.30% 13.74% 14.08% Net Interest Spread 2.58% 2.89% 2.72% 3.02% Net Interest Margin 3.16% 3.37% 3.24% 3.45% Additional per share data: (1) December 31, December 31, 2006 2005 ----------- ------------ Shares outstanding 5,882,640 5,910,910 Book value per share $ 10.64 $ 10.33 (1) Adjusted for the effects of a 100% stock dividend paid November 16, 2006 -----END PRIVACY-ENHANCED MESSAGE-----